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Insurer CIGNA Wows Wall Street with Sunnier Earnings Forecast.
Knight Ridder/Tribune Business News, April, 2004
By Diane Levick, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Apr. 6--CIGNA Corp. boosted its earnings forecasts Monday, raising investor confidence in the company's turnaround and touching off a feeding frenzy on its stock.
CIGNA also confirmed that it has eliminated 600 jobs so far in its latest round of expense cutting, including nearly 300 in Connecticut. Nationally, CIGNA is slashing 3,000 positions, but wouldn't say how many more of those will be cut in Connecticut.
The Philadelphia-based company has suffered from declining enrollment and lackluster profits in its Bloomfield-based health insurance operations.
But the rosier earnings outlook issued Monday propelled CIGNA's stock price up $6.90, or 11.4...
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